Singapore legislation

Section 292

of Securities and Futures Act 2001

Section 292

Liability of trustees

(1)

Subject to subsection (2), any provision in a trust deed required under section 286(2)(c) or in any contract with the participants of a collective investment scheme to which such a trust deed relates, is void insofar as it would have the effect of exempting a trustee under the trust deed from, or indemnifying a trustee against, liability for breach of trust where the trustee fails to exercise the degree of care and diligence required of a trustee.

(2)

Subsection (1) does not invalidate —

(a)

any release otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release; or

(b)

any provision enabling such a release to be given —

(i)

on the agreement thereto of a majority of not less than three‑fourths of the participants in a collective investment scheme voting in person or by proxy at a meeting summoned for the purpose; and

(ii)

either with respect to specific acts or omissions or on the trustee ceasing to act.

Read in full context — Securities and Futures Act 2001 →